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The impact of financial capital, human capital and social capital on the evolution of Business Angel Networks

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  • Andreas Fili
  • Björn Berggren
  • Lars Silver

Abstract

Business angels are very important for the growth and development of start-ups as they contribute much needed capital and competence to these firms. During the past decades the formation and growth of Business Angel Networks (BANs) has become an increasingly common phenomenon and an important issue for policy-makers in most Western economies. In this paper, we follow the inception and development of three local BANs. The data in this paper come from in-depth interviews with the founders of the networks as well as bankers, civil servants, entrepreneurs and local politicians. The results indicate that capital alone will not guarantee success in a BAN rather it is a combination of the financial capital, human capital and social capital among the founding partners of the network.

Suggested Citation

  • Andreas Fili & Björn Berggren & Lars Silver, 2013. "The impact of financial capital, human capital and social capital on the evolution of Business Angel Networks," International Journal of Corporate Governance, Inderscience Enterprises Ltd, vol. 4(3), pages 209-228.
    • Handle: RePEc:ids:ijcgov:v:4:y:2013:i:3:p:209-228
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    Cited by:

    1. Cynthia Sin Tian Ho & Björn Berggren, 2020. "The effect of bank branch closures on new firm formation: the Swedish case," The Annals of Regional Science, Springer;Western Regional Science Association, vol. 65(2), pages 319-350, October.
    2. Bonini, Stefano & Capizzi, Vincenzo & Zocchi, Paola, 2019. "The performance of angel-backed companies," Journal of Banking & Finance, Elsevier, vol. 100(C), pages 328-345.

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